Exhibit 13



February 1, 2001

TO OUR SHAREHOLDERS

Looking back at the year 2000, we observed, at the onset, the
continuation of the longest period of uninterrupted economic growth
in American history with another budget surplus, relatively low
inflation and a low rate of unemployment. We witnessed party conventions,
nominations, debates of the presidential and vice presidential
candidates and judicial involvement into the election of the 43rd
President of the United States.

We saw the Board of Governors of the Federal Reserve, in its
efforts to contain inflationary pressures resulting from the strong
economy, initiate three interest rate increases during the year.
We learned of the failure of many dot.com companies and the resulting
effects on the NASDAQ stock market. We watched as the Dow Jones
Industrial Average fell below the 10,000 level for the first time
since early 1999.

These are a few of the events that significantly affected the
stability of the nations economy and created tight conditions
in many segments of the financial markets. Additionally, the growing
sophistication and confidence of investors and the expansion of
on-line investing and banking services has facilitated the flow
of money into various markets, intensifying the competition for
savings deposits. The cumulative effect placed substantial pressure
on financial institutions to maintain acceptable margins.

We succeeded through prudent risk, credit and investment management.
Our earnings per share increased. Despite the deterioration of
consumer confidence and a weakening in loan demand, we realized
a 7% increase in our loan portfolio. Quality of assets remained
strong as evidenced by our low percentage of non-performing assets.
Vacillations in the stock market allowed us to make favorable
repurchases of our stock during the year.

We remain attentive to the financial needs of our community.
We have supplemented the products and services that are available
to our customers. Among other things, we introduced commercial
lending and checking accounts. We realize the importance of maintaining
and expanding our customer base.

We are confident about the future of GS Financial Corp. We
continue to be vigilant in our efforts to increase shareholder
value. We look forward to the challenges and opportunities that
the year 2001 will bring.

Sincerely,



/s/ Donald C. Scott

-------------------

Donald C. Scott

President and Chairman of the Board

The Company

GS Financial Corp. (the "Company") is a thrift holding
company which was organized and incorporated under the laws of
the State of Louisiana on December 24, 1996. The Companys
primary business is conducted through its wholly owned subsidiary,
Guaranty Savings & Homestead Association, at its three locations
in the metropolitan New Orleans area.

Market Information

GS Financial Corp.s common stock trades on The NASDAQ
Stock Market under the symbol GSLA. The Companys stock traded
in the range shown below. At December 31, 2000, the closing price
was $14.56 per share and there were approximately 1,000 shareholders
of record.



2000



|QUARTER ENDING     | HIGH   | LOW    | Cash Dividend
|------------------ | ------ | ------ | -------------
|------------------ | ------ | ------ | -------      
|March 31, 2000     | 12.250 | 10.063 | $.09         
|June 30, 2000      | 12.875 | 11.000 | $.09         
|September 30, 2000 | 13.250 | 12.125 | $.09         
|December 31, 2000  | 14.938 | 12.875 | $.09         

1999



|QUARTER ENDING     | HIGH   | LOW    | Cash Dividend
|------------------ | ------ | ------ | -------------
|------------------ | ------ | ------ | -------      
|March 31, 1999     | 13.380 | 103875 | $.07         
|June 30, 1999      | 10.750 | 10.580 | $.09         
|September 30, 1999 | 11.500 | 10.630 | $.09         
|December 31, 1999  | 12.880 | 10.000 | $.09         

Notice of Annual Meeting

The Annual Meeting of Shareholders of GS Financial Corp. will
be held at the offices of Guaranty Savings & Homestead Association,
3798 Veterans Blvd., Metairie, Louisiana on Tuesday, April 24,
2001 at 10:00 a.m. CST.

Shareholder Services

Shareholders desiring to change the name, address or ownership
of stock, to report lost certificates, or to consolidate accounts
should contact our transfer agent:

Registrar and Transfer Company

10 Commerce Drive

Cranford, NJ 07016

1-800-368-5948

Investor Relations

Shareholders and others seeking financial information or copies
of the Companys publicly available financial information
should contact:

Amy Mashburn, Compliance Officer or, Glenn R. Bartels, Controller

GS Financial Corp.

3798 Veterans Blvd.

Metairie, LA 70002

(504) 457-6220





The following selected consolidated financial and other data
of the Company does not purport to be complete and should be read
in conjunction with, and is qualified in its entirety by, the
more detailed financial information, including the Consolidated
Financial Statements of the Company and Notes thereto, contained
elsewhere herein.



|(Dollars in Thousands)        | At December 31,                    
|----------------------------- | -----------------------------------
|                              |                                    
|Selected Financial Condition: |                                    
|                              | Total Assets                       
|                              | Cash and Cash Equivalents          
|                              | Loans Receivable, Net              
|                              | Investment Securities              
|                              | Mortgage-Backed Securities         
|                              | Collateralized Mortgage Obligations
|                              | Deposit Accounts                   
|                              | Borrowings                         
|                              | Equity                             
|                              |                                    
|Selected Operating Data:      |                                    
|                              | Interest Income                    
|                              | Interest Expense                   
|                              | Net Interest Income                
|                              | Provision for Loan Losses          
|                              | Net Interest Income After Provision
|                              |                                    
|                              | Non-Interest Income                
|                              | Non-Interest Expense               
|                              | Net Income Before Taxes            
|                              |                                    
|                              | Income Tax Expense                 
|                              | Extraordinary Item                 
|                              | Net Income                         
|                              | Net Income per share - Basic       
|                              | Net Income per share - Diluted     
|                              | Dividends declared per share       







|(Dollars in Thousands) | At December 31,                             
|---------------------- | --------------------------------------------
|                       |                                             
|Other Data:            |                                             
|Profitability          |                                             
|                       | Average Yield Interest-Earning Assets       
|                       | Average Rate on Interest-Bearing Liabilities
|                       | Average Interest Rate Spread                
|                       | Net Interest Margin                         
|                       | Interest-Earning Assets as a % of Interest- 
|                       | Bearing Liabilities                         
|                       | Net Interest Income After Provision for Loan
|                       | Loss as a % of Non-Interest Expense         
|                       | Non-Interest Expense as a % of              
|                       | Average Assets                              
|                       | Return on Average Assets                    
|                       | Return on Average Equity                    
|                       |                                             
|Capital Ratio's:       |                                             
|                       | Average Equity as a % of Total Assets       
|                       | Tangible Capital Ratio (Association alone)  
|                       | Core Capital Ratio (Association alone)      
|                       | Risk-Based Capital Ratio (Association alone)
|                       |                                             
|Asset Quality Ratios:  |                                             
|                       | Non Performing Loans as a % of Total Loans  
|                       | Non Performing Assets as a % of Total Assets
|                       | Allowance for Loan Losses as a % of Total   
|                       | Loans Receivable                            
|                       | Allowance for Loan Losses as a % of Non     
|                       | Performing Loans                            



MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS

The following discussion and analysis of the financial condition
and results of operations of GS Financial Corp. (the "Company")
and its subsidiary, Guaranty Savings and Homestead Association,
for the years ended December 31, 1996 through 2000 is designed
to assist readers in their understanding of the Company. This
review should be read in conjunction with the audited consolidated
financial statements, accompanying footnotes and supplemental
financial data included herein.

FORWARD-LOOKING STATEMENTS

In addition to historical information, this annual report includes
certain "forward-looking statements" based on current
management expectations. The Companys actual results could
differ materially, as defined in the Securities Act of 1933 and
the Securities Exchange Act of 1934, from those management expectations.
Such forward-looking statements include statements regarding our
intentions, beliefs or current expectations as well as the assumptions
on which such statements are based. Stockholders and potential
stockholders are cautioned that any such forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those contemplated by such forward-looking statements. Factors
that could cause future results to vary from current management
expectations include, but are not limited to, general economic
conditions, legislative and regulatory changes, monetary and fiscal
policies of the federal government, changes in tax policies, rates
and regulations of federal, state and local tax authorities, changes
in interest rates, deposit flows, the cost of funds, demand for
loan products, demand for financial services, competition, changes
in the quality or composition of the Companys loan and investment
portfolios, changes in accounting principles, policies or guidelines,
and other economic, competitive, governmental and technological
factors affecting the Companys operations, markets, products,
services and fees.

The Company undertakes no obligation to update or revise any
forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating
results over time.